Honorable Jim Keffer, Chair, House Committee on Ways & Means
FROM:
John S. O'Brien, Deputy Director, Legislative Budget Board
IN RE:
HB1608 by Escobar (Relating to the authority of a taxing unit to adopt discounts for early payment of ad valorem taxes.), As Introduced
No fiscal implication to the State is anticipated.
The bill would to allow any taxing unit to adopt percentage discounts for early payment of property taxes. Under current law, a taxing unit that does not collect its own property taxes may adopt discounts if the governing body of the collecting unit elects to adopt. Since the bill would not change school district taxable property value, no fiscal implication to the State is anticipated.
Local Government Impact
Passage of the bill would allow local taxing units that do not currently have the option to adopt percentage discounts to do so. Those local taxing units that do adopt a discount would realize a change in the related ad valorem tax revenue.